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PData storage and data management

Everpure

Not investment advice. Kevin may own this stock. How we value stocks

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Updated

Price
$106.50
Intrinsic value
Intrinsic value from an AI estimate
Analysts view
Bullish
Discount category
Far above intrinsic value (AI estimate)
Pick status
Research only
Next earnings
Earnings Dec 1 · · estimated
History
Market cap
$35B
Shares of Aug 31, 2026
P/E (trailing)
145.9
Price of Nov 12, 2026
EPS (trailing)
$0.73
12 months to Aug 2, 2026
52-week range
$56.78 – $157.57
To Nov 12, 2026
Beta
1.43
Vs S&P 500, 5 years monthly, to Oct 30, 2026
Average volume
4.9M
3 months, to Nov 12, 2026

Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings

In short

Thesis
Investors pay more than the AI estimate for the growth of Everpure with AI and hyperscaler demand, and only steady growth with lower share-based pay as flash memory costs rise can earn this price.
Gap
Slow. The Q3 report in early December 2026 and the Q4 report with the plan for fiscal 2028 show whether growth and margins hold as component costs rise.

Company guidance: FY2027 revenue $5.03B to $5.07B; non-GAAP operating income $940M to $960M; Q3 revenue $1.325B to $1.335B (, Q2 fiscal 2027 results release (8-K))

Price history

About

Everpure, Inc. (Everpure) was called Pure Storage until February 2026. It is based in Santa Clara, California. It sells data storage systems and the software that runs them, and a platform for data management.

Product revenue comes from FlashArray and FlashBlade systems, royalties from hyperscaler shipments, and Portworx software licenses. Subscription services revenue comes from Evergreen, Portworx and Everpure Cloud subscriptions, support and professional services. In the first two quarters of fiscal 2027, revenue was $2,238.8 million, of which product revenue was $1,263.3 million and subscription services revenue was $975.5 million.

Subscription annual recurring revenue was $2.1 billion at the end of Q2. Charles Giancarlo is Chairman and Chief Executive Officer, and Tarek Robbiati is Chief Financial Officer. The Class A common shares trade on the New York Stock Exchange in US dollars.

Thesis

The market prices Everpure above the AI estimate, because investors pay for revenue growth near 40% while flash memory costs rise, before profit after share-based pay grows with it. In Q2 of fiscal 2027, revenue rose 38% to $1.19 billion and product revenue rose 54%. The company says that higher prices helped, and that demand stayed strong despite historic industry price increases. Non-GAAP operating margin was 19.4%, but share-based pay was 13.5% of revenue, so GAAP operating margin was only 5.3%.

The company raised its guidance for fiscal 2027 to revenue of $5.03 billion to $5.07 billion. For the price to be earned, three things must be true. Hyperscaler design wins, including two with top-five hyperscalers, must turn into steady royalties and shipments. Demand must stay strong, and component costs must not squeeze gross margin, which was 68.4% on a GAAP basis in Q2.

Share-based pay must fall as a share of revenue. The next tests are the Q3 report in early December 2026 and the Q4 report with the plan for fiscal 2028 in early 2027. If growth slows or component costs squeeze gross margin, the price can fall toward the AI estimate.

Valuation

AI estimate, checked by Kevin. How it is made

Show the method

The intrinsic value for Everpure is an AI estimate from November 12, 2026. It is not an analyst's value. An AI research agent calculated it from the filings of Everpure with the SEC. Everpure was called Pure Storage until February 2026.

The method is a multiple of earnings per share for fiscal 2028, which is the year that ends in early 2028, plus cash. The earnings are built from revenue, the non-GAAP operating margin of the company less share-based pay as a cost, a tax rate and a share count. The estimate treats share-based pay as a real cost, so it is not the non-GAAP measure of the company. The Q2 fiscal 2027 release (8-K, August 26, 2026) gives revenue of $1,185.9 million, non-GAAP operating income of $229.6 million (19.4% of revenue) and share-based pay of $159.8 million (13.5% of revenue) for Q2, and share-based pay of $281.9 million for two quarters.

It gives guidance for fiscal 2027 of revenue of $5.03 billion to $5.07 billion and non-GAAP operating income of $940 million to $960 million. The Form 10-Q for the quarter ended August 2, 2026 gives 333,227,251 Class A shares outstanding at August 31, 2026, weighted average basic shares of 332.942 million and diluted shares of 345.587 million for Q2, cash and cash equivalents of $385.7 million, marketable securities of $622.2 million and no borrowings. The estimate adds the dilution of 12.645 million shares to the shares outstanding, for 345.87 million shares, and adds cash and securities of $1,007.9 million, which is $2.91 per share. It leaves the revolving credit facility, the supply commitment of about $1.1 billion and the lease liabilities out of the calculation.

The revenue for fiscal 2028, the margins, the share-based pay, the tax rate of 15% and the multiples are assumptions. The low case assumes revenue of $5,600 million, because orders slow after the price rises, a non-GAAP operating margin of 17.5% and share-based pay of 12.5% of revenue. EPS is $0.69. At 25 times it gives $17.20, and with cash it gives $20.12 per share.

The base case assumes revenue of $6,350 million, which is 26% above the middle of the guidance for fiscal 2027, a non-GAAP operating margin of 20.0% and share-based pay of 11.5% of revenue. EPS is $1.33. At 35 times it gives $46.43, and with cash it gives $49.34 per share. The high case assumes revenue of $7,100 million, because hyperscaler shipments grow fast, a non-GAAP operating margin of 22.5% and share-based pay of 11.0% of revenue.

EPS is $2.01. At 45 times it gives $90.30, and with cash it gives $93.21 per share. The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $53.00 per share.

As of

Show 2 sources

Checkpoints

  1. Dec 1, 2026 · est.Pending
    Q3 fiscal 2027 results: revenue and marginRevenue lands in the guided range of $1.325 billion to $1.335 billion and non-GAAP operating income reaches $265 million to $275 million, and this passes; lower revenue or a falling gross margin fails.
  2. Feb 2027 · est.Pending
    Q4 fiscal 2027 results and the plan for fiscal 2028Revenue for fiscal 2027 reaches the guided $5.03 billion to $5.07 billion and the first plan for fiscal 2028 shows growth above 20%, and this passes; slower growth or a lower margin fails.

Every passed and failed checkpoint across all picks

Recent events

  • September 4, 2026In its Form 10-Q, Everpure said that in Q2 certain conditions of one long-term supply arrangement were met. It now must buy about $1.1 billion of components through calendar 2027, directly or through its contract manufacturers. Prepaid expenses and other current assets rose to $1,025.6 million from $356.0 million at the end of fiscal 2026.
  • August 26, 2026Everpure reported Q2 fiscal 2027 results. Revenue rose 38% to $1,185.9 million. Product revenue rose 54% to $686.8 million, and subscription services revenue rose 20% to $499.1 million. Non-GAAP operating income was $229.6 million and GAAP operating income was $63.2 million. Free cash flow was negative $238 million. It bought back 0.9 million shares for about $69 million.
  • August 26, 2026Everpure raised its guidance for fiscal 2027 to revenue of $5.03 billion to $5.07 billion, from $4.41 billion to $4.51 billion, and non-GAAP operating income of $940 million to $960 million, from $820 million to $860 million. For Q3 it guided revenue of $1.325 billion to $1.335 billion and non-GAAP operating income of $265 million to $275 million.
Show 2 older events
  • August 10, 2026Everpure announced a design win with a second top-five hyperscaler. The customer will use its DirectFlash architecture to lower operating costs and to save power and rack space.
  • May 7, 2026Everpure bought 1touch, a maker of data intelligence and orchestration software, for $125.9 million in cash. It booked $101.2 million of goodwill and $19.5 million of intangible assets.

Latest news and filings

Last earnings
August 26, 2026 (8-K on sec.gov)
Next earnings
Expected about December 1, 2026. The company has not confirmed the date.

Every filing on SEC EDGAR (CIK 1474432)

Risks

  • Component costs and supply can hurt margin and cash. Component prices rose, and Everpure must buy about $1.1 billion of components through 2027 under one arrangement. Operating cash flow was only $43.8 million in two quarters, against $496.1 million a year before.
  • Demand can slow when price rises end. The company says that higher prices and demand from large enterprises drove product growth. Orders from a few very large hyperscalers also can change quickly in size and timing.
  • Share-based pay is a large cost. It was $159.8 million in Q2, which is 13.5% of revenue, and the company excludes it from non-GAAP results. The company spent $175.3 million in two quarters to pay tax on vested awards.
  • The stock must keep up with high growth. Revenue growth was 38% in Q2, and the guidance for Q3 is 37% to 38%. Any slowing can lead to a large change in the price.
  • Acquisitions can fail to add value. Everpure bought 1touch for $125.9 million in May 2026, and its goodwill rose to $466.3 million.

Balance sheet

At August 2, 2026, Everpure had cash and cash equivalents of $385.7 million and marketable securities of $622.2 million, which is $1,007.9 million, and no debt. At February 1, 2026, it had $854.9 million of cash and $692.4 million of securities.

As of

Show 2 sources

Dividends

Everpure does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.

Questions about Everpure

What does Everpure do?

Everpure, Inc. (Everpure) was called Pure Storage until February 2026. It is based in Santa Clara, California. Its market cap is $35B at the current price of $106.50.

When does Everpure report earnings next?

This is an estimate: Everpure may report on December 1, 2026. It last reported results on August 26, 2026.

Is Everpure stock below its intrinsic value?

Everpure stock is far above intrinsic value. The source of the intrinsic value is: AI estimate. This is general information, not advice.

What changed recently at Everpure?

The latest update is from September 4, 2026. In its Form 10-Q, Everpure said that in Q2 certain conditions of one long-term supply arrangement were met.

What are the main risks for Everpure?

Component costs and supply can hurt margin and cash. Demand can slow when price rises end. Share-based pay is a large cost.

How much debt and cash does Everpure have?

At August 2, 2026, Everpure had cash and cash equivalents of $385.7 million and marketable securities of $622.2 million, which is $1,007.9 million, and no debt. This is as of August 2, 2026.

Does Everpure pay a dividend?

No. Everpure does not pay a dividend.

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